EIB: Eurozone crisis to last for at least another 2 years

The pressure on member states and on the European Union itself to get their house in order will continue for a long time.”
The head of the European Investment Bank (EIB), Werner Hoyer

The head of the European Investment Bank (EIB), Werner Hoyer says the eurozone debt crisis could last for at least another two years.
“The pressure on member states and on the European Union itself to get their house in order will continue for a long time,” he told Germany’s weekly magazine Focus on Sunday.
"This is not simply going to last one or two years," the magazine quoted Hoyer as saying.
He also warned European leaders that the EIB should not be considered a source of ultimate solutions to the 27-naiton bloc’s economic woes.
In June, European leaders agreed to increase the EIB’s capital by EUR 10 billion by the end of 2012. The decision was taken to increase the bank’s lending ability to crisis-hit countries so they can boost growth.
According to data, released by the EU, the unemployment rate in the eurozone hit a record high of 11.1 percent in May 2012.
Job losses keep climbing as the eurozone’s worsening debt crisis pushes businesses to cut staff members to contain their financial problems.
Various EU member states have been struggling with deep economic stagnancy since the bloc’s financial crisis began roughly five years ago.
The tough austerity measures, implemented to prevent double-dip recessions in Greece, Italy, Spain, and Portugal, have resulted in angry protests by many of those affected, such as sacked or low-income workers, pensioners, and students.
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